Common use of Replacement Reserve Fund Clause in Contracts

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $7,730.00 and (b) on each Payment Date thereafter $7,730.00 (the “Replacement Reserve Monthly Deposit”) which amounts are reasonably estimated by Lender in its discretion to be due for replacements and repairs required to be made to any Individual Property during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” and the interest-bearing account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property (or any portion thereof). Lender agrees that all interest upon the Replacement Reserve Fund shall be added to and become a part of the Replacement Reserve Fund for the benefit of Borrower.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $7,730.00 5,030.00 and (b) on each Payment Date thereafter $7,730.00 5,030.00 (the “Replacement Reserve Monthly Deposit”) which amounts are reasonably estimated by Lender in its discretion to be due for replacements and repairs required to be made to any Individual Property during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” and the interest-bearing account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. .” Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property (or any portion thereof). Lender agrees that all interest upon the Replacement Reserve Fund shall be added to and become a part of the Replacement Reserve Fund for the benefit of Borrower.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on each date a payment of interest on the Closing Date an initial deposit Loan is due one-twelfth (1/12) of $7,730.00 and (b) on each Payment Date thereafter $7,730.00 the amount (the “"Replacement Reserve Monthly Deposit”") which amounts are reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to any the Individual Property Properties during the calendar year in order to maintain the Individual Properties in a first class condition (collectively, the “"Replacements”"). Amounts so deposited shall hereinafter be referred to as Borrower’s “'s "Replacement Reserve Fund” " and the interest-bearing account in which such amounts are held shall hereinafter be referred to as Borrower’s “'s "Replacement Reserve Account”. ." Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property (or any portion thereof)Individual Properties. Lender agrees that all interest upon Any amount held in the Replacement Reserve Fund Account and allocated for an Individual Property shall be added to retained by Lender and become a part credited toward the future Replacement Reserves Monthly Deposits required by Lender hereunder in the event such Individual Property is released from the Lien of its related Mortgage in accordance with the Replacement Reserve Fund for the benefit of BorrowerLoan Documents.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $7,730.00 and (b) on each Payment Date thereafter $7,730.00 one-twelfth (1/12) of the amount (the “Replacement Reserve Monthly Deposit”"REPLACEMENT RESERVE MONTHLY DEPOSIT") which amounts are reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to any Individual Property the Properties during the calendar year in order to maintain the Properties in a first class condition (collectively, the “Replacements”"REPLACEMENTS"). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” 's "REPLACEMENT RESERVE FUND" and the interest-bearing account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. 's "REPLACEMENT RESERVE ACCOUNT." Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property (or any portion thereof)Properties. Lender agrees that all interest upon Any amount held in the Replacement Reserve Fund Account and allocated for an Individual Property shall be added to retained by Lender and become a part credited toward the future Replacement Reserves Monthly Deposits required by Lender hereunder in the event such Individual Property is released from the Lien of the Replacement Reserve Fund for the benefit of Borrowerits related Mortgage in accordance with Section 2.5 hereof.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $7,730.00 and (b) on each Payment Date thereafter one-twelfth (1/12) of $7,730.00 0.20 per rentable square foot of space at the Properties (which would be one-twelfth (1/12) of $97,198 based upon the current aggregate rentable square footage of 485,990) (the “Replacement Reserve Monthly Deposit”"REPLACEMENT RESERVE MONTHLY DEPOSIT") which amounts are reasonably estimated by Lender in its discretion to be due for replacements and repairs required to be made to any Individual Property the Properties during the calendar year (collectively, the “Replacements”"REPLACEMENTS"). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” 's "REPLACEMENT RESERVE FUND" and the interest-bearing account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”'s "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its commercially reasonable discretion based upon updated engineering reports or inspections of the Properties that an increase is necessary to maintain the proper maintenance and operation of the Property (or any portion thereof)Properties. Lender agrees that all interest upon Any amount held in the Replacement Reserve Fund Account and allocated for an Individual Property shall be added to retained by Lender and become a part credited toward the future Replacement Reserves Monthly Deposits required by Lender hereunder in the event such Individual Property is released from the Lien of the Replacement Reserve Fund for the benefit of Borrowerits related Mortgage in accordance with SECTION 2.5 hereof.

Replacement Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $7,730.00 8,009.00 and (b) on each Payment Date thereafter $7,730.00 8,009.00 (the “Replacement Reserve Monthly Deposit”) which amounts are reasonably estimated by Lender in its discretion to be due for replacements and repairs required to be made to any Individual Property during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” and the interest-bearing account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. .” Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property (or any portion thereof). Lender agrees that all interest upon the Replacement Reserve Fund shall be added to and become a part of the Replacement Reserve Fund for the benefit of Borrower.